US-Iran War LIVE Updates: The US-Iran war is continuing to put pressure on shipping and energy markets, with the Strait of Hormuz remaining a major flashpoint.
On Monday, US forces destroyed two Iranian boats that US officials said were attempting to seize an American naval drone in waters near Iran. Iran’s media gave a different account, saying the boats were fishing vessels.
Meanwhile, commercial traffic through the Strait of Hormuz has fallen sharply. Only four commodity vessels crossed the waterway on Monday, compared with a pre-war average of about 125 daily transits.
The economic fallout is growing. Oil prices rose sharply on Tuesday after attacks disrupted Saudi crude exports from the Yanbu hub, with Brent settling at $108.75 a barrel.
The latest developments come as a Congressional Budget Office report puts the US cost of the war at about $38 billion through August 1, with monthly costs potentially reaching $3 billion if fighting intensifies.
The report also warns that the conflict has depleted US missile-defence stocks and could leave the Pentagon with fewer interceptors for a potential future conflict with China. Rebuilding those stocks could take at least five years.
MORE LIVE UPDATE ON US-IRAN WAR HERE:
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